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Shark Tank and Dallas Mavericks billionaire co-owner Mark Cuban recently disclosed that a significant portion of his crypto holdings are stashed in bitcoin because he believes the cryptocurrency is a better store of value asset than gold.
Speaking in a recent episode of the Delphi Podcast as published on CNBC, Cuban noted that of his total crypto holdings, 60% are in BTC, 30% in Ether (ETH), and the remaining 10% is allocated to other altcoins.
Bitcoin Is Superior To Gold
The billionaire investor has held onto his crypto holdings, especially bitcoin, because, according to him, it was more than just a currency, but a store of value asset.
Cuban noted that he is certain of bitcoin’s superiority to gold as a better store of value asset, and would never sell it for anything.
His argument dates back to 2012 when people believed bitcoin was just a digital currency.
“But, the entire time, I said it was a store of value where, if you could get people to believe that it was a better alternative than gold, because of its algorithmic scarcity, the price is going to go up,” the self-made billionaire said.
Cuban Picks ETH As His Second-Best Crypto
The billionaire further revealed why 30% of his total crypto holdings are in Ethereum, the second-largest cryptocurrency by market capitalization.
The Dallas Mavericks co-owner said he picked interest in Ethereum due to its smart contract feature, which led to the birth of decentralized finance (DeFi), as well as non-fungible tokens (NFTs).
According to Cuban, he drew a comparison between the development of Ethereum smart contracts and the early days of the internet.
Despite the massive growth of the DeFi space and the fuss around NFTs of late, Cuban still predicts that more people will adopt the tech, as developers continue to improve its functionality.
Cuban disclosed that he did not invest in ETH during the time he bought bitcoin, adding that he wished he had purchased the asset earlier. He noted that he started buying ETH four years ago because it is the closest to a “true currency.”
Cuban Buys DOGE
While Cuban failed to reveal his altcoin holdings, it is possible that the billionaire also owns a certain amount of his altcoin investments in Dogecoin (DOGE).
Cuban bought a small amount of DOGE for his son in February 2021, which he stated at the time that the purchase was mainly for fun and educational purposes.
However, in March, his NBA team, Dallas Mavericks, announced that it would start accepting Dogecoin as a payment option for game tickets and merchandise on its online store.